Alan Greenspan has been nominated to serve another four years as head of the Federal Reserve Board.

U.S. president George W. Bush announced his intention to nominate Greenspan to be chairman of the Board of Governors of the Federal Reserve System for another four years. Greenspan has chaired the Fed since 1987. He also serves as Chairman of the Federal Open Market Committee, the System’s principal monetary policymaking body.

“Sound fiscal and monetary policies have helped unleash the potential of American workers and entrepreneurs and America’s economy is now growing at the fastest rate in two decades. Alan Greenspan has done a superb job as Chairman of the Board of Governors of the Federal Reserve System, and I have great confidence in his economic stewardship,” Bush stated.

In a statement Greenspan said, “I am honored to be nominated by President Bush and, if confirmed by the Senate, to continue my service as Chairman of the Board of Governors of the Federal Reserve System.”

Earlier in his career, Greenspan was chairman and president of Townsend-Greenspan & Co. Inc., an economic consulting firm in New York. He also served as chairman of the President’s Council of Economic Advisers under president Gerald Ford and as chairman of the National Commission on Social Security Reform. He received his bachelor’s degree, master’s degree and Ph.D. from New York University.